Dear NIBA Members -
Welcome to the MF Global Update on the NIBA website. The purpose of the Update is to provide accurate, current information about all aspects of the MF Global failure and bankruptcy which directly affect our members.
Here are a few actions the NIBA has already taken in your behalf:
- Filed our “Release the Seg Funds” Petition in the bankruptcy court. The Petition included approximately 700 signatures collected online in about 48 hours. Our Petition continues to be one of the items by which the court was most impressed.
- Engaged representation to file our Petition in person and to attend every substantial court hearing and bankruptcy trustee meeting in New York City.
- Met, and continue to meet, with NFA regarding its responses and filing requirements as a result of MFG’s failure. Ongoing communications and responses.
- Met, and continue to meet, with CME Group regarding transfers of customers accounts and broker relationships as well as CME Group’s responses to the bankruptcy court. Ongoing communications and responses.
- Communicated with various CFTC Commissioners to urge action re: Reg. 1.23, the permissible investment of segregated funds. Action was taken December 5, 2011. Ongoing communications on various issues.
- Joint efforts with other professional associations.
The MF Global Update will continue as long as it is necessary. Our Association will continue to be represented in court and at the trustee’s meetings. The Association has set aside a reasonable sum to fund expenses associated with the MFG failure. To date, the Association has not been billed or paid out any funds to accomplish these actions. There was no additional cost to any individual member in order to be included in the filing of the Petition, or in our attendance in court and with the trustee. There is no additional cost for the MF Global Update. These are benefits of your membership.
Thank you for your continued support and trust. Please do not hesitate to email or phone to discuss your concerns.
Warm regards,
Melinda
Melinda Schramm, Chairman
NIBA
melinda@futuresrep.com
